Editor's note: Kong Tianping is a research fellow at the Institute of European Studies of Chinese Academy of Social Sciences. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

Recently, a spokesperson for China's Ministry of Commerce briefed the media on the preliminary outcomes achieved through China-US economic and trade consultations. The outcomes cover the establishment of a trade council and an investment council, tariff reductions on certain products,  advancing the resolution of non-tariff barriers and market access for agricultural products, expanding two-way trade through reciprocal tariff reduction arrangements, aircraft procurement, as well as the supply of aircraft engines and related components.  

Since May 2025, under the strategic guidance of the important consensus reached by the two heads of state, the China-US economic and trade teams have conducted seven successive rounds of consultations in Geneva, London, Stockholm, Madrid, Kuala Lumpur, Paris, and Seoul. On May 13, the two sides reached preliminary outcomes on issues of mutual concern regarding bilateral economic and trade relations during talks held in South Korea. Adhering to the principles of mutual respect, peaceful coexistence, and win-win cooperation, the China-US economic and trade teams have achieved encouraging results. The essence of China-US economic and trade relations is mutual benefit and win-win cooperation. The overall balanced and positive outcomes reached by both sides are good news for the peoples of both countries and for the world at large. Besides, the positive progress achieved through the China-US economic and trade consultations serves the interests of the peoples and business communities of both countries. It also meets the widespread expectations of the international community amid global turbulence.

The outcomes of the consultations have not only injected greater certainty into China-US economic and trade relations, but also embodied the spirit of mutual benefit and win-win cooperation. China and the United States are committed to resolving or substantially advancing the resolution of non-tariff barriers and market access issues related to some agricultural products, and both sides will actively work to address issues of mutual concern. The two countries have also reached arrangements regarding China's procurement of aircraft from the United States, and the US side is committed to supplying aircraft engines and related components to China. Consumers and relevant enterprises in both countries will likewise benefit from the concrete outcomes of the consultations. Of particular note, China and the United States agreed to establish a trade council and an investment council to discuss their respective concerns in the areas of trade and investment. This indicates that the two sides have decided to establish an institutional framework for managing bilateral economic and trade relations. The shift from a trade war to managed competition reflects the pragmatic spirit of China and the United States in pursuing win-win cooperation. In the face of differences and frictions, the China-US economic and trade teams have engaged in consultations on an equal footing, conducted candid exchanges, managed differences, built consensus, and promoted the stability of bilateral economic and trade relations. The preliminary agreement reached by China and the United States helps reduce the uncertainty surrounding bilateral economic and trade relations following the US tariff measures against China in 2025, bringing greater predictability to businesses in both countries and thereby contributing to the stability of China-US economic and trade ties.

The positive outcomes of the China-US economic and trade consultations are equally welcome news for a global economy troubled by numerous uncertainties. As the world's two largest economies, China and the United States together account for approximately 42% of global economic output in 2024, according to data from the World Bank. They are also the world's largest and second-largest trading nations in goods, respectively, exerting significant impact on the global economy. The preliminary outcomes have helped stabilize China-US economic and trade relations, which, in turn, contributes to the stability of the world economy, as well as global trade and investment. Both China and the United States are integral parts of international production networks, and many global industries depend on supply chains of both countries. Stable China-US economic and trade relations are therefore conducive to the stability of global supply chains. Cooperation between China and the United States benefits the world by helping reduce volatility in the global economy, stabilizing market expectations, and boosting confidence in global economic growth.

During US President Trump's visit to China, the two heads of state agreed to define bilateral relations as a "constructive China-US relationship of strategic stability". Promoting the stability of China-US economic and trade relations is undoubtedly an essential component of such a relationship. The experience gained from the China-US economic and trade consultations over the past year demonstrates that, so long as both sides uphold the principles of mutual respect, peaceful coexistence, and win-win cooperation, China and the United States can manage differences in the economic and trade field, build consensus, and achieve mutually beneficial outcomes. Consolidating the existing outcomes and implementing the achieved agreements will further advance mutually beneficial cooperation in the economic and trade sphere, promote the stability of China-US economic and trade relations, and contribute to building a constructive relationship of strategic stability.